Shiba Inu (SHIB) Charts Suggest Potential for Larger Upward Diagonal

Shiba Inu (SHIB), the second-largest meme coin in the crypto space, may be poised for a breakout as the broader digital asset ecosystem recovers and attempts to reach new highs. Meanwhile, SHIB’s competitor Dogecoin (DOGE) has jumped a whopping 10.54% in the past 24 hours, outperforming its rivals.

As per CoinMarketCap data, Shiba Inu is currently stuck between $0.000011 and $0.000020 price levels, unable to turn the $0.000020 price level into support. The altcoin is trading at a massive discount of 79.01% from its all-time high of $0.00008845, which it reached in October 2021.

An X (formerly Twitter) analyst named “MauticBraham,” with over 120 followers, has predicted a target of $0.00008614 for Shiba Inu in the current cycle. If this prediction is correct, SHIB could see its value increase by almost four times.

$SHIB (request): There are better charts. This chart has formed a 3 wave move to the upside in 2021 and in 2024. The best interpretation I can offer is that a larger diagonal pattern to the upside is unfolding. Ideal target for wave-C in yellow would be the $0.00008614 price pic.twitter.com/mDzNH25Ovj

— MauticBraham (@MauticVAa) October 10, 2024

At the time of writing, SHIB was trading at $0.000019, up around 4% in the past 24 hours. SHIB currently has a market cap of $11.21 billion, making it the 13th-largest digital asset by market cap. DOGE ranks 8th, with a valuation of $18.73 billion.

DOGE has outperformed SHIB in the past 24 hours and was trading at $0.1279, up 10.54%. The digital asset may continue to climb in the near future. The altcoin has risen 24.49% over the past 30 days and 16.27% in the last week alone.

Read also: Tesla vs. DeLorean: Will SHIB or DOGE Win the Meme Coin Race?

SHIB Price Analysis

The TradingView chart below indicates the Relative Strength Index is at 62.75, which means that the bulls are generally in control of SHIB price action and demand for the altcoin remains high.

The slope of the line suggests that accumulation of the cryptocurrency is increasing. Currently, SHIB is seeing a minor drop in bullish momentum due to low volumes.

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